MRA Advisory Group Purchases New Holdings in Credo Technology Group Holding Ltd. $CRDO

MRA Advisory Group purchased a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 5,405 shares of the company’s stock, valued at approximately $1,470,000.

Several other institutional investors have also recently made changes to their positions in CRDO. Reflection Asset Management acquired a new stake in shares of Credo Technology Group in the 4th quarter valued at approximately $25,000. Acumen Wealth Advisors LLC acquired a new position in Credo Technology Group during the fourth quarter worth $25,000. Flagship Harbor Advisors LLC acquired a new position in Credo Technology Group during the fourth quarter worth $32,000. AlphaCentric Advisors LLC bought a new stake in Credo Technology Group during the first quarter worth $33,000. Finally, Smallwood Wealth Investment Management LLC bought a new stake in Credo Technology Group during the fourth quarter worth $36,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on CRDO shares. Rosenblatt Securities increased their price target on shares of Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. Wall Street Zen cut shares of Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Evercore began coverage on shares of Credo Technology Group in a research note on Monday, June 22nd. They issued an “outperform” rating and a $325.00 target price for the company. TD Cowen upped their price objective on Credo Technology Group from $240.00 to $260.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Finally, Weiss Ratings upgraded Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $266.17.

Credo Technology Group Trading Up 8.4%

Shares of CRDO stock opened at $249.89 on Friday. The stock has a market cap of $46.60 billion, a P/E ratio of 100.76, a price-to-earnings-growth ratio of 1.05 and a beta of 3.23. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67. The stock has a 50 day simple moving average of $237.43 and a 200 day simple moving average of $174.54.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. The firm had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The company’s revenue was up 157.0% on a year-over-year basis. During the same quarter last year, the company earned $0.20 EPS. Analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Insider Buying and Selling

In related news, CFO Daniel W. Fleming sold 40,000 shares of the company’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the completion of the sale, the chief financial officer owned 501,873 shares of the company’s stock, valued at $125,207,276.04. This represents a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $243.06, for a total transaction of $6,684,150.00. Following the sale, the chief technology officer owned 5,882,370 shares in the company, valued at $1,429,768,852.20. The trade was a 0.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 435,076 shares of company stock worth $101,043,506 in the last ninety days. 11.84% of the stock is owned by company insiders.

About Credo Technology Group

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.